19 Dec 2014
Copper rebounds in Asian trading
FXStreet (Mumbai) - Copper futures trades on Comex bounced back in the mid-Asian session, as investors took to close short positions after prices weakened yesterday.
The red metal now trades at USD 2.86/ pound, 0.48% higher on the day, after posting day’s high of USD 2.862/ pound. The bounce-back in copper prices may be seen also after the dollar retreated from a five year high against a basket of 10 currencies reached in the previous session. The red metal slipped yesterday on escalating demand worries after Chinese new-home prices fell in November from the previous month in 67 out of 70 cities tracked by China’s statistics bureau, according to data released.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.886 (Dec 16 High), above which gains could be extended to 2.917 (Dec 1 High) levels. Meanwhile, support is seen at 2.844 (Dec 16 Low), below which it can extend losses to 2.80 levels.
The red metal now trades at USD 2.86/ pound, 0.48% higher on the day, after posting day’s high of USD 2.862/ pound. The bounce-back in copper prices may be seen also after the dollar retreated from a five year high against a basket of 10 currencies reached in the previous session. The red metal slipped yesterday on escalating demand worries after Chinese new-home prices fell in November from the previous month in 67 out of 70 cities tracked by China’s statistics bureau, according to data released.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.886 (Dec 16 High), above which gains could be extended to 2.917 (Dec 1 High) levels. Meanwhile, support is seen at 2.844 (Dec 16 Low), below which it can extend losses to 2.80 levels.